The GST 2.0 gave impetus not only to the automobile industry but to several sectors of the Indian economy, which continues to do well despite the impact of the West Asia war, Maruti Suzuki India Chairman RC Bhargava said, adding the tax reform provided the necessary buffer to navigate this uncertain period.
Addressing shareholders in the company’s annual general meeting, Bhargava on Monday said Maruti Suzuki India expects the Indian “car industry will grow to 6.3 million by 2031, and that the share of the small car market will grow significantly faster” than it did in the previous five years, driven by the cuts in GST rates in September last year.
“The Indian economy continues to do well, and collections of GST remain higher than ever before. This is all despite the Iran problems, the West Asia war, and such issues. I do believe that without GST reforms, we may not have done so well in the difficult months that have elapsed,” Bhargava said.
Recollecting the optimism he had expressed
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